July-September 2025 

• Revenue amounted to SEK 182.4 million (158.8), up 15 per cent compared with the same quarter last year, mainly due to the rent increase for the year and completed acquisitions. 

• Net operating income amounted to SEK 118.7 million (104.0), up 14 per cent, primarily driven by lower operating costs for portfolios on a like-for-like basis. 

• Income from property management amounted to SEK 56.3 million (47.2), an improvement on the year-earlier period, but was held back by higher financing costs. 

• Changes in the value of investment properties amounted to SEK 84.1 million (12.8) and was attributable to adjusted cash flows, mainly due to standard-raising improvements and new leases. 

• Profit for the period amounted to SEK 129.4 million (-23.0), an improvement compared with the preceding year. 

• Net realizable value per share increased SEK 0.9 to SEK 33.8 during the quarter. 

• The loan-to-value ratio was 49.7 per cent with an average interest rate of 3.7 per cent on the balance sheet date. 

January-September 2025 

• Revenue amounted to SEK 538.0 million (473.0), corresponding to a year-on-year increase of 14 per cent as a result of acquisitions, improvements and general rent adjustments. 

• Net operating income was SEK 311.5 million (274.3), up 14 per cent partly due to the biogas tax refund and to lower operating costs as a result of a milder climate. 

• Income from property management amounted to SEK 127.6 million (104.7), an increase of 21.9 per cent driven by the factors mentioned above as well as a lower average interest rate. 

• Changes in the value of investment properties amounted to SEK 357.6 million (-21.2), driven mainly by higher net operating income and changed assumptions regarding inflation and the rent increase. The off-market acquisition in Helsingborg also contributed to the positive performance. 

• Profit for the period amounted to SEK 365.4 million (9.4), a sharp increase primarily linked to changes in the value of investment properties. 

Significant events in the period 

• KlaraBo took possession of a property portfolio in Helsingborg on 31 January 2025 with a property value of SEK 850 million. 

• KlaraBo extended an existing lease with Östersund Municipality. The new lease has a contractual term of 20 years, with annual rental value of SEK 1.4 million. 

• KlaraBo refinanced loans totalling just over SEK 1 billion with one of the Group’s existing banking partners. The new loan has a four-year term starting in the third quarter of 2025. During the period, new loans totalling SEK 510 million were raised to finance the acquisition in Helsingborg. 

• During the period, KlaraBo repurchased 2,818,650 shares for SEK 45.1 million in accordance with the company’s mandate from the Annual General Meeting. 

• KlaraBo issued 26,057,868 new Class B shares in January 2025 through a rights issue. As of 30 September 2025, the total number of shares outstanding in KlaraBo amounted to 157,885,751 (of which 16,300,000 were Class A shares and 141,585,751 Class B shares). 

• Magnus Nordholm took over as CFO on 1 September. 

• Decision on a long-term incentive programme for senior executives, including a total of 3,000,000 warrants in the company. The warrants were transferred at market value. The CEO, CFO and Head of Property Management acquired a total of 2,329,481 warrants, corresponding to 77.6 per cent of the offering. 

From Andreas Morfiadakis’ CEO comment  
” The quarter was defined by continued organic growth and disciplined cost control. Revenue increased 15 per cent, driven by the general rent increase for the year, the strategic acquisition in Helsingborg and a continuous focus on value-creating improvements. Net operating income and operating profit were also strong in the quarter, with year-on-year increases of 14 and 15 per cent, respectively. With a strong financial position and a proven business model, we are prepared to take the next step in our profitable expansion.” 

Results presentation 
KlaraBo’s CEO, Andreas Morfiadakis, and CFO, Magnus Nordholm, will present the interim report via Teams today at 09:00 CET. The presentation will be held in Swedish. After the presentation, there will be a Q&A session where participants will have the opportunity to ask questions. 
Join via the following link: Teams link 

No registration is required to participate in the Teams conference. The presentation will be available afterwards at www.klarabo.se and on our YouTube channel.